10 Ways to Develop a New Product Ideas [2023]

Once a company has carefully segmented the market, chosen its target customers, identified their needs, and determined its market positioning, it is better able to develop new products. Let’s see some 10 Ways to Develop a New Product Ideas in 2023

10 Ways to Develop a New Product Ideas

1. Run pizza – video parties, as Kodak does-informal sessions where groups of customers meet with company engineers and designers to discuss problems and needs and brainstorm potential solutions.
2. Allow time off – Scouting time for technical people to putter on their own pet projects.
3. Make a customer brainstorming session a standard feature of plant tours.
4. Survey your customers : Find out what they like and dislike in your and competitor’s products.
5. Undertake “fly-on-the-wall” or “camping out” research with customers.
6. Use iterative rounds : A group of customers in one room, focusing on identifying problems, and a group of your technical people in the next room, listening and brainstorming solutions. The proposed solutions are then tested immediately on the group of customers.
7. Set up a keyword search that routinely scans trade publications in multiple countries for new-product announcements and so on. Thus we can find insights on a new product ideas
8. Treat trade shows as intelligence missions, where you view all that is new in your industry under one roof.
9. Have your technical and marketing people visit your suppliers’ labs and spend time with their technical people.
10. Set up an idea vault, and also make it open and easily accessed. Allow employees to review a new product ideas and add constructively to them.